Citycon takes full control of Gothenburg project for €56m

Finnish listed retail specialist Citycon has announced plans to acquire Nordic construction group NCC’s 50% stake in the Mölndal Galleria retail scheme to the south of Gothenburg, Sweden, for roughly €56 mln.

Mölndal Galleria will comprise around 70 stores across 24,000 m2 of leasable space and 1,000 parking spaces upon opening in September this year. Main tenants include H&M, Lindex, ICA and Systembolaget (the Swedish Alcohol Retailing Monopoly).

The property is currently 85% pre-let. Under the deal, NCC will not provide any rental guarantees for vacant premises when the sale to Citycon is finalised.

Citycon took an initial 50% share in the €120 mln project in 2014 and shared the development risk with NCC. It announced at the time that it planned to take full ownership in the property once completed.


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